VALT.TO vs. MNT.TO

Last updated Jul 25, 2026

VALT.TO (CI Gold Bullion ETF) and MNT.TO (Royal Canadian Mint Canadian Gold Reserves Exchange-Traded Receipts) are both Gold funds - VALT.TO tracks the No Index (Physical Commodity) while MNT.TO tracks the No Index (Physical Gold). Both are passively managed. Over the past 5 years, VALT.TO returned 16.17%/yr vs 20.46%/yr for MNT.TO. A 0.58 correlation means they provide meaningful diversification when combined. VALT.TO charges 0.17%/yr vs 0.35%/yr for MNT.TO.

Performance

VALT.TO vs. MNT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Gold Bullion ETF (VALT.TO) and Royal Canadian Mint Canadian Gold Reserves Exchange-Traded Receipts (MNT.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VALT.TO having a -6.93% return and MNT.TO slightly higher at -6.63%.

VALT.TO

• 1D: 0.19%
• 1M: 1.59%
• 6M: -19.64%
• YTD: -6.93%
• 1Y: 17.76%
• 3Y*: 25.22%
• 5Y*: 16.17%
• 10Y*: —
• ALL TIME*: 13.95%

MNT.TO

• 1D: 0.24%
• 1M: 3.50%
• 6M: -23.56%
• YTD: -6.63%
• 1Y: 16.81%
• 3Y*: 29.66%
• 5Y*: 20.46%
• 10Y*: 12.17%
• ALL TIME*: 7.87%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MNT.TO Royal Canadian Mint Canadian Gold Reserves Exchange-Traded Receipts	CA$990.70K	CA$881.45K	CA$1.40M
VALT.TO CI Gold Bullion ETF	CA$185.75K	CA$223.40K	CA$363.49K

VALT.TO vs. MNT.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VALT.TO CI Gold Bullion ETF	-6.93%	60.46%	25.58%	12.35%	0.92%	-3.19%
MNT.TO Royal Canadian Mint Canadian Gold Reserves Exchange-Traded Receipts	-6.63%	61.23%	44.81%	3.61%	10.52%	-12.67%

Correlation

The correlation between VALT.TO and MNT.TO is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jan 12, 2021	0.58

Over the past year, VALT.TO and MNT.TO have become more correlated (0.81) than their long-term average of 0.58, meaning their price movements have been converging.

Return for Risk

VALT.TO vs. MNT.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VALT.TO

VALT.TO Risk / Return Rank: 25
VALT.TO Sharpe Ratio Rank: 27
VALT.TO Sortino Ratio Rank: 26
VALT.TO Omega Ratio Rank: 29
VALT.TO Calmar Ratio Rank: 23
VALT.TO Martin Ratio Rank: 22

MNT.TO

MNT.TO Risk / Return Rank: 24
MNT.TO Sharpe Ratio Rank: 24
MNT.TO Sortino Ratio Rank: 25
MNT.TO Omega Ratio Rank: 27
MNT.TO Calmar Ratio Rank: 22
MNT.TO Martin Ratio Rank: 21

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VALT.TO vs. MNT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Gold Bullion ETF (VALT.TO) and Royal Canadian Mint Canadian Gold Reserves Exchange-Traded Receipts (MNT.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VALT.TO	MNT.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.63	0.54	+0.09
Sortino ratio: Return per unit of downside risk	0.97	0.92	+0.05
Omega ratio: Gain probability vs. loss probability	1.14	1.12	+0.01
Calmar ratio: Return relative to maximum drawdown	0.66	0.59	+0.07
Martin ratio: Return relative to average drawdown	1.48	1.25	+0.23

VALT.TO vs. MNT.TO - Sharpe Ratio Comparison

The current VALT.TO Sharpe Ratio is 0.63, which is comparable to the MNT.TO Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of VALT.TO and MNT.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VALT.TO vs. MNT.TO - Drawdown Comparison

The maximum VALT.TO drawdown since its inception was -27.07%, smaller than the maximum MNT.TO drawdown of -34.79%. Use the drawdown chart below to compare losses from any high point for VALT.TO and MNT.TO.

Drawdown Indicators

	VALT.TO	MNT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.07%	-34.79%	+7.72%
Max Drawdown (1Y) Largest decline over 1 year	-27.07%	-28.55%	+1.48%
Max Drawdown (3Y) Largest decline over 3 years	-27.07%	-28.55%	+1.48%
Max Drawdown (5Y) Largest decline over 5 years	-27.07%	-28.55%	+1.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.58%	—
Current Drawdown Current decline from peak	-25.75%	-25.59%	-0.16%
Average Drawdown Average peak-to-trough decline	-6.25%	-15.93%	+9.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.03%	13.47%	-1.44%

Volatility

VALT.TO vs. MNT.TO - Volatility Comparison

The current volatility for CI Gold Bullion ETF (VALT.TO) is 6.20%, while Royal Canadian Mint Canadian Gold Reserves Exchange-Traded Receipts (MNT.TO) has a volatility of 6.59%. This indicates that VALT.TO experiences smaller price fluctuations and is considered to be less risky than MNT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VALT.TO	MNT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	6.59%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	24.23%	25.33%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	28.23%	31.42%	-3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	20.58%	-1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	19.65%	-1.44%

VALT.TO vs. MNT.TO - Expense Ratio Comparison

VALT.TO has a 0.17% expense ratio, which is lower than MNT.TO's 0.35% expense ratio.

Dividends

VALT.TO vs. MNT.TO - Dividend Comparison

Neither VALT.TO nor MNT.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VALT.TO and MNT.TO in my portfolio?

VALT.TO and MNT.TO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VALT.TO or MNT.TO?

On fees, VALT.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VALT.TO or MNT.TO?

VALT.TO is cheaper with a 0.17% expense ratio, compared with 0.35% for MNT.TO.

What is the main difference between VALT.TO and MNT.TO?

VALT.TO tracks No Index (Physical Commodity), while MNT.TO tracks No Index (Physical Gold). They also come from different issuers: CI Global Asset Management and Royal Canadian Mint. Their fees differ too: 0.17% for VALT.TO and 0.35% for MNT.TO.